The following items are taken from the financial statements of Starr Corporation for 2016: Accounts Payable $78,000 Accounts Receivable 146,000 Bonds Payable 50,000 Cash 84,000 Common Stock 25,000 Advertising Expense 10,000 Dividends 3,000 Rent Expense 8,000 Supplies Expense 4,000 Retained Earnings, January 1 10,000 Salaries Expense 20,000 Consulting Revenue 118,000 Supplies on Hand 6,000 Instructions: Prepare each of the following financial statements. an income statement; a retained earnings statement; a classified balance sheet
The following items are taken from the financial statements of Starr Corporation for 2016:
Accounts Payable $78,000
Bonds Payable 50,000
Cash 84,000
Common Stock 25,000
Advertising Expense 10,000
Dividends 3,000
Rent Expense 8,000
Supplies Expense 4,000
Salaries Expense 20,000
Consulting Revenue 118,000
Supplies on Hand 6,000
Instructions: Prepare each of the following financial statements.
- an income statement;
- a retained earnings statement;
- a classified
balance sheet
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